Feeling the pain of the Market Crash of 2008? Nice to have a 10 bagger or 100 bagger? .001 cents, or .35 cents to $4.95 USD within a weeks? That’s what happened to some shareholders of Sungro.
The market cap got to some 46 million USD, but apparently only had an asset of $299, liabilities of $18,864, and no revenue! That’s quite the P/E Ratio! NI 43-101 report? what for!
BC Securities commission has commenced hearings, and had previouslly issued a Trade Halt order in July of 2009.
It is currently listed on the Pinks under ticker SUGO, and still shows an address of 7445-132nd Street, Surrey, BC. Listed as an early stage mining & exploration company.
Apparently it had no mineral exploration lands, and the person running the operation Malkeet Bains, had no experience in mineral exploration, and was not a geologist. Karn Bahd was a seed shareholder as well.
During the period of June 2009 to July 2009, stock went from .35 cents to $4.95 USD. Bahd and an associate of Bains, named Narvinder (Narinder?) Virk’s shares comprised over 45% of the trading volume.
The Commission is looking at the conduct into allegations of false or misleading statements to the BCSC. The BCSC is looking to scrutinize conduct of: Parvin Kaur Dhudwal, Amrik Singh Bahd, Kulbir Singh (also known as Kelly) Uppal, Gurpreet Kaur Jhutty and Paul Uppal. Allegations are that the five were given money by the company to purchase shares. Those dates are scheduled for November 15, 16, and 19, 2010.
Malkeet Bains, had apparently bought 5 millions shares of the company, for 1/100th of a cent, and another 4.75 million shares to friends and family. A lease on a $100,000 land was made, with only $2,500 down.
The Vancouver Sun has a full article on the history, authored by David Baines, Vancouver Sun, and is available online. Also see infomine.com
or visit the BC Securities Commission at bscs.bc.ca